The non- attractive policy perspectives coupled with poor data quality and data non-availability failed to attract investors in the bidding of Oil and Gas blocks till NELP IX.
In view of such a discouraging response, a thorough review of Petroleum Exploration policy was made by Govt. of India and as a result of continuous deliberations with different Ministries, NELP(New Exploration Licensing Policy) was formulated in 1997 with more attractive fiscal and contractual terms and incentives. The First NELP round was announced in 1999.Till date,360 Exploration blocks have been offered ,of which 254 blocks are awarded under nine bid rounds of NELP. The NELP-X Round has recently been formulated under which altogether 46 Exploration Blocks are identified. Of these 17 blocks are located onland,15 are in shallow offshore waters and 14 are in Deep waters encompassing 13 sedimentary basinal areas. The Notice of tender is awaited.
The NELP-X Bid round is being watched with a sense of conundrum for many reasons. However, in all likelihood, auctions for oil and gas blocks under the New Exploration Licensing Policy 's (NELP) 10th round did not take place during the term of the last government. The reason is a lack of consensus among various arms of the government.
Diligentia has taken a proactive step and is coming up with an RTC on NELP-X: Impact of policy initiatives on Perceived response to Bid Roundâ€ to deliberate on the issues relating to NELP-X like most favourable policy, incentive schemes, industry perspective by bringing the Industry stalwarts, technical Experts, Policy makers and participating audience together on a common platform. It is proposed to compend the deliberations and forward the same to the Ministry for its view.